Fuel going down globally, how it impacts gas and electricity  

Dana Malcolm

Staff Writer

#TurksandCaicos, August  5, 2023 – Fuel Factor Rates in the Turks and Caicos Islands continue to decrease, taking some of the energy burden off of consumers; similarly, gas prices are going down.

Fortis TCI made the fuel factor announcement via their Facebook page recently, indicating rates had decreased by 10.42 percent in July.

Residents in the Turks and Caicos became even better acquainted with their fuel factor rates than usual last year when the rising fuel costs globally resulted in skyrocketing bills.  The continued decline is a welcome relief for residents.

“Factors that influence your electricity costs include the amount of energy you consume every month and the price of fuel,” Fortis reminded.  “The fuel factor rate on July’s electricity bill for Providenciales, North Caicos, and Middle Caicos customers has decreased by 10.42 percent from the prior month’s $0.1986 to $0.1779 per kilowatt hour (“kWh”).  Grand Turk and Salt Cay customers’ fuel factor rates also reflect a significant decline, with a 9.4 percent reduction from the prior month’s $0.2019 to $ 0.1829 per kWh.  This month’s fuel factor rate for South Caicos will become available soon.  It is worth noting that South Caicos fuel factor rate for last month (June) decreased by 8 percent from the prior month’s $0.2109 to $0.1941 per kWh,” the company indicated.

The cost of oil has continued to fall globally, affecting not just energy but gasoline as well.  A look at the July fuel prices across the Turks and Caicos reveals that Providenciales residents are now paying less than they did in March 2022, before the inflation spike, as has become the trend in the last several months.  The cheapest stations were grants on Leeward Highway and K&T Gas Station (Regular Gas) and Caicos Oil (Diesel).

In Grand Turk, prices were still higher than in March 2022 for the most part.  The cheapest stations were Sunset Marina  (Ed Dickenson Gas Ltd.) at $6.50 and Fulford Gas Station (Alonzo Malcolm Gas Station) at $7.10.  In North Caicos, of the three stations, Core Resources was cheapest at $ 6.99 per gallon.

South Caicos residents have seen no change in fuel prices and continue to pay $11 per gallon for gas.